[Federal Register Volume 66, Number 158 (Wednesday, August 15, 2001)]
[Notices]
[Pages 42914-42915]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-20441]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

August 8, 2001.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

DATES: Written comments should be received on or before September 14, 
2001 to be assured of consideration.

Internal Revenue Service (IRS)

    OMB Number: 1545-0020.
    Form Number: IRS Form 709.
    Type of Review: Revision.
    Title: United States Gift (and Generation-Skipping Transfer) Tax 
Return.
    Description: Form 709 is used by individuals to report transfers 
subject to the gift and generation-skipping transfer taxes and to 
compute these taxes. IRS uses the information to enforce these taxes 
and to compute the estate tax.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 130,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--39 min.
Learning about the law or the form--1 hr., 5 min.
Preparing the form--1 hr., 55 min.
Copying, assembling, and sending the form to the IRS--1 hr., 3 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 613,600 hours.

    OMB Number: 1545-0901.
    Form Number: IRS Form 1098.
    Type of Review: Extension.

[[Page 42915]]

    Title: Mortgage Interest Statement.
    Description: Form 1098 is used to report $600 or more of mortgage 
interest received from an individual in the course of the mortgagor's 
trade or business.
    Respondents: Individuals or households, Business or other for-
profit.
    Estimated Number of Respondents/Recordkeepers: 171,000.
    Estimated Burden Hours Per Respondent/Recordkeeper: 7 minutes.
    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 8,038,699 hours.

    OMB Number: 1545-1102.
    Regulation Project Number: PS-19-92 Final.
    Type of Review: Extension.
    Title: Carryover Allocations and Other Rules Relating to the Low-
Income Housing Credit.
    Description: The regulations provide the Service the information it 
needs to ensure that low-income housing tax credit are being properly 
allocated under section 42. This is accomplished through the use of 
carryover allocation documents, election statements, and binding 
agreements executed between taxpayers (e.g., individuals, businesses, 
etc.) and housing credit agencies.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, State, Local or Tribal 
Government.
    Estimated Number of Respondents/Recordkeepers: 2,230.
    Estimated Burden Hours Per Respondent/Recordkeeper: 1 hour, 48 
minutes.
    Frequency of Response: Other (one time).
    Estimated Total Reporting/Recordkeeping Burden: 4,008 hours.

    OMB Number: 1545-1148.
    Regulation Project Number: EE-113-90 (TD 8324) Final and Temporary.
    Type of Review: Extension.
    Title: Employee Business Expenses-Reporting and Withholding on 
Employee Business Expense Reimbursements and Allowances.
    Description: These temporary and final regulations provide rules 
concerning the taxation of, and reporting and withholding on, employee 
business expense reimbursements and other expense allowance 
arrangements.
    Respondents: Business or other for-profit, Individuals or 
households, Not-for-profit institutions, Farms, Federal Government, 
State, Local or Tribal Government.
    Estimated Number of Recordkeepers: 1,419,456.
    Estimated Burden Hours Per Recordkeeper: 30 minutes.
    Estimated Total Recordkeeping Burden: 709,728 hours.

    OMB Number: 1545-1304.
    Regulation Project Number: INTL-941-86, TL-656-87, and INTL-704-87 
NPRM.
    Type of Review: Extension.
    Title: Treatment of Shareholders of Certain Passive Foreign 
Investment Companies.
    Description: The reporting requirements affect U.S. persons that 
are direct and indirect shareholders of passive foreign investment 
companies (PFICs). The IRS uses Form 8621 to identify PFICs, U.S. 
persons that are shareholders, and transactions subject to PFIC 
taxation and verify income inclusions, excess distributions and 
deferred tax amounts.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents: 2,500.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: Annually.
    Estimated Total Reporting Burden: 2,500 hours.

    OMB Number: 1545-1355.
    Regulation Project Number: REG-208985-89 (formerly INTL-848-89) 
NPRM.
    Type of Review: Extension.
    Title: Taxable Year of Certain Foreign Corporations Beginning After 
July 10, 1989.
    Description: Proposed regulations set forth the ``required year'' 
for ``specified foreign corporations'' for taxable years beginning 
After July 10, 1989, and guidance in which foreign corporations must 
change their taxable year and how to effect the change in taxable year. 
Specified foreign corporations must conform to the required year and 
must state so on Form 5471.
    Respondents: Business or other for-profit.
    Estimated Number of Respondents: 700.
    Estimated Burden Hours Per Respondent: 1 hour.
    Frequency of Response: On occasion.
    Estimated Total Reporting Burden: 700 hours.

    OMB Number: 1545-1468.
    Form Number: IRS Form 1040NR-EZ.
    Type of Review: Revision.
    Title: U.S. Income Tax Return for Certain Nonresident Aliens With 
No Dependents.
    Description: This form is used by certain nonresident aliens with 
no dependents to report their income subject to tax and compute the 
correct tax liability. The information on the return is used to 
determine whether income, deductions, credits, payments, etc. are 
correctly figured.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 100,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--1 hr., 18 min.
Learning about the law or the form--49 min.
Preparing the form--1 hr., 52 min.
Copying, assembling, and sending the form to the IRS--34 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 459,000 hours.

    OMB Number: 1545-1618.
    Form Number: IRS Form 8863.
    Type of Review: Extension.
    Title: Education Credits (Hope and Lifetime Learning Credits).
    Description: Section 25A of the Internal Revenue Code allows for 
two education credits, the Hope credit and the lifetime learning 
credit. Form 8863 will be used to compute the amount of allowable 
credits. The IRS will use the information on the form to verify that 
respondents correctly computed their education credits.
    Respondents: Individuals or households.
    Estimated Number of Respondents/Recordkeepers: 12,000,000.
    Estimated Burden Hours Per Respondent/Recordkeeper:

Recordkeeping--12 min.
Learning about the law or the form--8 min.
Preparing the form--32 min.
Copying, assembling, and sending the form to the IRS--33 min.

    Frequency of Response: Annually.
    Estimated Total Reporting/Recordkeeping Burden: 13,210,000 hours.
    Clearance Officer: Garrick Shear, Internal Revenue Service, Room 
5244, 1111 Constitution Avenue, NW, Washington, DC 20224.
    OMB Reviewer: Alexander T. Hunt, (202) 395-7860, Office of 
Management and Budget, Room 10202, New Executive Office Building, 
Washington, DC 20503.

Lois K. Holland,
Departmental Reports, Management Officer.
[FR Doc. 01-20441 Filed 8-14-01; 8:45 am]
BILLING CODE 4830-01-P